ENA Bull Run Imminent: Analysts Weigh in as Ethena Crypto (ENA) Trades Positively Above $1 Mark

Despite the recent large transfer of Ethena (ENA) crypto by derivatives exchange founder Arthur Hayes, the altcoin's price remained largely unaffected, showing resilience in the face of such an event.

As per鏈上數據, Hayes moved 2 million ENA, roughly valued at $2.12 million at the current market price, to the Bybit exchange. This follows his previous actions, where he unstaked and transferred 9 million ENA to Binance and Bybit exchanges. During this time, the average price of Ethena crypto was $1.173.

Notably, despite Hayes' transfer, ENA's price rose by over 1.20% intraday, trading at $1.04. Its market capitalization also rose to reach $3.03 billion, ranking 46th among the top cryptocurrencies.

According to data from IntotheBlock, Ethena coin experienced a significant spike in large transactions. The altcoin saw a 179% increase in large transactions, rising from 148 to 202 in the past few hours.

This suggests that large holders or "whales" were actively accumulating Ethena coin. Such a trend could indicate increased demand, interest, and adoption for the altcoin.

Moreover, the active addresses also saw a notable increase, rising by over 16.05% during the past week and by 6.28% over the past 24 hours.

When active addresses and large transactions both show a simultaneous rise like this, it can be an indication that the price rally is driven by market fundamentals rather than being fueled by speculative investments.

A recent tweet by CW highlighted a bullish outlook on ENA. He observed that Ethena crypto had completed the retracement phase ‘C' and was poised for an upsurge.

Once it breaks the $1.20 mark, a fresh bull run can be anticipated in the next sessions.

Furthermore, Alpha Crypto Signal noted that ENA crypto was trading within a significant range on the hourly time frame and close to the upper neckline of $1.10. Once breached, a strong rise toward $1.20 followed by $1.30 could be seen.

On the dailyの時間枠, Ethena crypto is seen trading in a steady uptrend, continuing to form higher high swings. It sustained gains above the $1 mark and is eyeing the All-time-high mark of $1.52.

Currently, it holds momentum above the key moving averages and showed relative strength on the charts.

The Relative Strength Index (RSI) line rests above the midline at 52, reflecting significant room for an upswing.

Meanwhile, the Average Directional Index (ADX) line was close to the 30 mark, indicating the uptrend was still intact.

Going forward, the Long/Short ratio was at 0.9679 with 49% of long contracts in front to 51% of shorts, signifying a mixed outlook.

The immediate support zones were $1 and $0.98, whereas the resistance zones were $1.10 and $1.20.